{"id":2025,"date":"2026-07-27T13:49:03","date_gmt":"2026-07-27T13:49:03","guid":{"rendered":"https:\/\/www.m1xchange.com\/thought-xchange\/?p=2025"},"modified":"2026-07-27T13:49:12","modified_gmt":"2026-07-27T13:49:12","slug":"two-rules-one-outcome-how-gem-treds-and-the-rbi-master-direction-2026-are-making-treds-easier-for-msmes","status":"publish","type":"post","link":"https:\/\/www.m1xchange.com\/thought-xchange\/two-rules-one-outcome-how-gem-treds-and-the-rbi-master-direction-2026-are-making-treds-easier-for-msmes\/","title":{"rendered":"Two Rules, One Outcome: How GeM-TReDS and the RBI Master Direction 2026 Are Making TReDS Easier for MSMEs"},"content":{"rendered":"\n<p>For an MSME supplying products or services through the Government e-Marketplace, winning an order is only one part of the working capital cycle.<\/p>\n\n\n\n<p>The business must first procure materials, fulfil the order, arrange delivery and meet its operating expenses. Payment from the government department or Central Public Sector Enterprise may arrive only after the invoice has completed the required acceptance and payment cycle.<\/p>\n\n\n\n<p>During this waiting period, the MSME must continue paying employees, suppliers, transporters and other business partners. It may also need funds to accept and execute its next order.<\/p>\n\n\n\n<p>This is where the integration between the Government e-Marketplace, or GeM, and the Trade Receivables Discounting System, or TReDS, becomes important.<\/p>\n\n\n\n<p>GeM has enabled TReDS-based bill discounting for eligible MSME sellers supplying to participating CPSE buyers. The integration gives MSMEs an opportunity to receive early payment against approved GeM invoices without waiting for the buyer\u2019s original payment due date.<\/p>\n\n\n\n<p>The Reserve Bank of India\u2019s TReDS Directions, 2026 have made the process even simpler by removing the separate due diligence requirement previously applicable to MSME sellers.<\/p>\n\n\n\n<p>Together, these developments reduce onboarding friction and create a more direct route from an approved government invoice to working capital.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Why GeM Sellers Need Faster Access to Receivables<\/strong><\/h2>\n\n\n\n<p>Government procurement gives MSMEs access to large institutional buyers, greater order visibility and new business opportunities. However, a growing order book can also place pressure on cash flow. Consider an MSME that fulfils a GeM order and raises an invoice. While the invoice moves through delivery acceptance and payment processing, the business may already need funds to:<\/p>\n\n\n\n<ul>\n<li>Purchase raw materials for another order<\/li>\n\n\n\n<li>Pay suppliers and vendors<\/li>\n\n\n\n<li>Meet employee and operating expenses<\/li>\n\n\n\n<li>Maintain inventory<\/li>\n\n\n\n<li>Arrange transportation and logistics<\/li>\n\n\n\n<li>Accept a repeat order from the same buyer<\/li>\n\n\n\n<li>Fulfil orders for other customers<\/li>\n<\/ul>\n\n\n\n<p>The sale has been completed, but the money is still locked in accounts receivable.<\/p>\n\n\n\n<p>TReDS helps address this timing gap by allowing an eligible and accepted invoice to be discounted through participating financiers.<\/p>\n\n\n\n<p>Instead of waiting for the full payment cycle, the MSME can review bids from financiers, accept a suitable offer and receive early payment against the invoice.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What Changed Under the RBI TReDS Directions, 2026?<\/strong><\/h2>\n\n\n\n<p>The Reserve Bank of India issued the Reserve Bank of India (Trade Receivables Discounting System) Directions, 2026 on June 23, 2026. One of the most significant changes for MSME sellers is the removal of the separate customer due diligence requirement during onboarding.<\/p>\n\n\n\n<p>Before the revised Directions, seller onboarding could involve standard KYC as well as an additional due diligence process covering document verification and business validation.<\/p>\n\n\n\n<p>After June 2026, the additional seller-side due diligence stage is no longer required. The onboarding process is now based on standard KYC and essential business information, including:<\/p>\n\n\n\n<ul>\n<li>PAN<\/li>\n\n\n\n<li>GST details<\/li>\n\n\n\n<li>Bank account details<\/li>\n\n\n\n<li>Udyam Registration<\/li>\n<\/ul>\n\n\n\n<p>The earlier requirement to submit additional entity documents such as partnership deeds, incorporation documents, board resolutions or separate authorisation documents has been removed for MSME seller onboarding under the revised framework.<\/p>\n\n\n\n<p>This does not mean that a seller can register without any verification.<\/p>\n\n\n\n<p>The TReDS platform must still confirm that the business qualifies as an MSME and ensure that the discounted amount is transferred to the correct MSME bank account. However, the additional business-validation layer that previously added time and complexity has been removed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>MSME Onboarding Before and After June 2026<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Onboarding element<\/strong><\/td><td><strong>Before June 2026<\/strong><\/td><td><strong>After June 2026<\/strong><\/td><\/tr><tr><td>Documents required<\/td><td>KYC plus separate due diligence and business-validation documents<\/td><td>Standard KYC: PAN, GST, bank details and Udyam Registration<\/td><\/tr><tr><td>Additional entity documents<\/td><td>Partnership deed, incorporation records, board resolutions or authorisation documents could be required<\/td><td>Additional entity documents removed from the MSME seller onboarding requirement<\/td><\/tr><tr><td>Due diligence<\/td><td>Separate seller due diligence conducted by the TReDS platform<\/td><td>Separate seller due diligence no longer required<\/td><\/tr><tr><td>MSME verification<\/td><td>Completed as part of the broader onboarding and due diligence process<\/td><td>MSME status validated through the required business information<\/td><\/tr><tr><td>Bank verification<\/td><td>Included in the wider documentation process<\/td><td>Bank account validated to ensure funds are credited to the MSME seller<\/td><\/tr><tr><td>Onboarding timeline<\/td><td>Could take several days or weeks, depending on verification<\/td><td>Expected to be materially shorter because the separate due diligence stage has been removed<\/td><\/tr><tr><td>Overall process<\/td><td>Multiple document and validation stages<\/td><td>Simpler, KYC-led onboarding<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>The most important change is not that verification has disappeared. It is that the process has become more focused.<\/p>\n\n\n\n<p>MSMEs now need to provide the essential information required to establish their identity, MSME status and bank account without completing the additional entity-level documentation and validation process previously required.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Is the GeM-TReDS Integration Live?<\/strong><\/h2>\n\n\n\n<p>Yes. GeM confirms that TReDS has been integrated into the portal to allow bill discounting for GeM invoices. The feature has been enabled for CPSE buyers and MSME sellers.&nbsp;<\/p>\n\n\n\n<p>An eligible seller can provide consent for TReDS, review the exchanges on which its buyer is registered and select the TReDS option while generating an invoice.<\/p>\n\n\n\n<p>However, one important condition applies: the MSME seller and the CPSE buyer must be registered and active on a common TReDS platform.<\/p>\n\n\n\n<p>For example, if a CPSE buyer is registered on M1xchange, the MSME seller must also be onboarded on M1xchange to discount the eligible invoice through that exchange.<\/p>\n\n\n\n<p>A GeM account alone is therefore not sufficient.<\/p>\n\n\n\n<p>The MSME must also complete TReDS registration with an RBI-authorised platform that is common to the seller and the buyer.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How Does GeM-TReDS Bill Discounting Work?<\/strong><\/h2>\n\n\n\n<p>The precise workflow may vary depending on the order, buyer, invoice status and exchange. Broadly, the process follows these steps.<\/p>\n\n\n\n<p><strong>1. The MSME Fulfils the GeM Order<\/strong><\/p>\n\n\n\n<p>The seller supplies the goods or services according to the GeM contract and completes the required delivery documentation.<\/p>\n\n\n\n<p>The details of the order, delivery and acceptance remain available within the GeM ecosystem.<\/p>\n\n\n\n<p><strong>2. The Buyer Accepts the Delivery<\/strong><\/p>\n\n\n\n<p>The relevant buyer or consignee confirms receipt and acceptance through the applicable GeM process.<\/p>\n\n\n\n<p>For goods, this may involve the generation of a Consignee Receipt and Acceptance Certificate. For services, the corresponding service-delivery and acceptance process applies.<\/p>\n\n\n\n<p>Buyer acceptance is important because financiers discount a confirmed trade receivable rather than an unaccepted or disputed invoice.<\/p>\n\n\n\n<p><strong>3. The Seller Provides Consent for TReDS<\/strong><\/p>\n\n\n\n<p>The MSME provides consent on GeM for the relevant business and transaction information to be shared for TReDS processing.<\/p>\n\n\n\n<p>GeM\u2019s guidance states that the seller retains control over whether to opt for TReDS participation. The process is designed to remain digital and transparent, with relevant invoice and bill-status information visible on the portal.<\/p>\n\n\n\n<p><strong>4. The Seller Checks the Buyer\u2019s TReDS Registration<\/strong><\/p>\n\n\n\n<p>GeM can display the TReDS exchanges on which the CPSE buyer is registered.<\/p>\n\n\n\n<p>The seller must be onboarded and active on at least one common exchange before the invoice can be processed through TReDS.<\/p>\n\n\n\n<p><strong>5. The Seller Selects TReDS During Invoice Generation<\/strong><\/p>\n\n\n\n<p>For an eligible order, the MSME can select TReDS as the payment mechanism while creating the invoice. The option is available only when the buyer is registered and active and the applicable transaction conditions have been met.<\/p>\n\n\n\n<p>GeM\u2019s seller guidance notes that the consent option may not be visible where the buyer is not registered or is inactive on TReDS.<\/p>\n\n\n\n<p><strong>6. The Invoice Becomes Available for Financing<\/strong><\/p>\n\n\n\n<p>Once the invoice has completed the necessary acceptance process and is available on the TReDS platform, participating financiers can review it.<\/p>\n\n\n\n<p>Banks, NBFC-Factors and other eligible financiers may place bids to discount the receivable.<\/p>\n\n\n\n<p><strong>7. The MSME Selects a Bid<\/strong><\/p>\n\n\n\n<p>The seller reviews the available bids, including the applicable discounting rate and amount. The MSME can then select the bid it considers most suitable. The competitive bidding mechanism enables the seller to compare financier offers instead of depending on a single lender.<\/p>\n\n\n\n<p><strong>8. The Seller Receives Early Payment<\/strong><\/p>\n\n\n\n<p>After the bid is accepted and the transaction is successfully completed, the financier pays the MSME seller. The buyer continues to pay according to the original invoice due date. The payment is made to the financier rather than to the seller.<\/p>\n\n\n\n<p>Transactions conducted through TReDS are without recourse to the MSME seller. This means the financier cannot recover the invoice amount from the MSME if the buyer fails to pay, provided that the underlying transaction is legitimate, accepted and not subject to fraud or a commercial dispute.<\/p>\n\n\n\n<p><strong>What Are the Benefits of TReDS for GeM Sellers?<\/strong><\/p>\n\n\n\n<p>The GeM-TReDS integration can make invoice discounting more accessible to MSMEs supplying to government-linked buyers.<\/p>\n\n\n\n<p><strong>Faster Access to Working Capital<\/strong><\/p>\n\n\n\n<p>The MSME does not have to wait for the buyer\u2019s complete payment cycle.<\/p>\n\n\n\n<p>Once an eligible invoice has been accepted, successfully discounted and processed, the seller can receive funds earlier and use them for ongoing business requirements.<\/p>\n\n\n\n<p><strong>Simpler TReDS Registration<\/strong><\/p>\n\n\n\n<p>Following the June 2026 changes, MSME sellers no longer have to complete the earlier separate due diligence process.<\/p>\n\n\n\n<p>Standard KYC and key business details are sufficient for seller onboarding, subject to validation of MSME status and the bank account.<\/p>\n\n\n\n<p><strong>Competitive Financier Bidding<\/strong><\/p>\n\n\n\n<p>Multiple financiers can bid against an eligible invoice.<\/p>\n\n\n\n<p>This gives the MSME greater visibility into available rates and the ability to select a suitable offer.<\/p>\n\n\n\n<p><strong>No Collateral Requirement<\/strong><\/p>\n\n\n\n<p>TReDS financing is based on an accepted trade receivable and the buyer\u2019s obligation to make payment.<\/p>\n\n\n\n<p>The MSME does not generally have to pledge property, machinery or other business assets to discount each invoice.<\/p>\n\n\n\n<p><strong>Without-Recourse Financing<\/strong><\/p>\n\n\n\n<p>The financing is without recourse to the MSME seller.<\/p>\n\n\n\n<p>The buyer pays the financier on the due date, and the seller does not assume a conventional loan repayment obligation for the discounted invoice.<\/p>\n\n\n\n<p><strong>No Monthly Repayment Instalments<\/strong><\/p>\n\n\n\n<p>TReDS invoice discounting is not structured like a conventional term loan.<\/p>\n\n\n\n<p>The MSME receives early payment, while the buyer settles the invoice with the financier according to the original due date.<\/p>\n\n\n\n<p><strong>Improved Cash Flow Planning<\/strong><\/p>\n\n\n\n<p>Earlier access to invoice value can make it easier for MSMEs to plan:<\/p>\n\n\n\n<ul>\n<li>Raw-material purchases<\/li>\n\n\n\n<li>Production schedules<\/li>\n\n\n\n<li>Vendor payments<\/li>\n\n\n\n<li>Employee expenses<\/li>\n\n\n\n<li>Logistics requirements<\/li>\n\n\n\n<li>Inventory replenishment<\/li>\n\n\n\n<li>New order fulfilment<\/li>\n<\/ul>\n\n\n\n<p><strong>Digital Transaction Visibility<\/strong><\/p>\n\n\n\n<p>The seller can track relevant stages of the transaction, including invoice creation, buyer acceptance, TReDS selection and payment status.<\/p>\n\n\n\n<p>GeM describes the integration as a digitally transparent process that enables sellers to track invoice, acceptance and bill-status information through the portal.&nbsp;<\/p>\n\n\n\n<p><strong>What Should MSMEs Do Before Using TReDS on GeM?<\/strong><\/p>\n\n\n\n<p>MSMEs planning to discount GeM invoices should ensure that their basic business information is complete and consistent.<\/p>\n\n\n\n<p><strong>Keep PAN, GST and Udyam Details Updated<\/strong><\/p>\n\n\n\n<p>The details recorded across PAN, GST, Udyam and the bank account should correspond with one another.<\/p>\n\n\n\n<p>Incorrect or inconsistent information can delay seller verification.<\/p>\n\n\n\n<p><strong>Confirm the Registered Bank Account<\/strong><\/p>\n\n\n\n<p>Discounted funds must be transferred to the verified bank account of the MSME seller.<\/p>\n\n\n\n<p>The account details should therefore be accurate and active.<\/p>\n\n\n\n<p><strong>Check the Buyer\u2019s TReDS Platform<\/strong><\/p>\n\n\n\n<p>Before relying on invoice discounting for a particular GeM order, the seller should confirm the exchanges on which the CPSE buyer is registered.<\/p>\n\n\n\n<p>The seller and buyer must share at least one common TReDS platform.<\/p>\n\n\n\n<p><strong>Complete TReDS Registration Early<\/strong><\/p>\n\n\n\n<p>An MSME does not need to wait until a payment delay occurs before registering.<\/p>\n\n\n\n<p>Completing onboarding in advance makes it easier to use the TReDS option when an eligible GeM invoice is generated.<\/p>\n\n\n\n<p><strong>Ensure the Invoice Is Undisputed<\/strong><\/p>\n\n\n\n<p>Financiers fund accepted trade receivables.<\/p>\n\n\n\n<p>The order, delivery, invoice and acceptance information should therefore be complete and free from unresolved commercial disputes.<\/p>\n\n\n\n<p><strong>A Simpler Path From a GeM Order to Working Capital<\/strong><\/p>\n\n\n\n<p>The GeM-TReDS integration brings government procurement and regulated invoice financing closer together.<\/p>\n\n\n\n<p>For MSMEs, this means an eligible GeM invoice no longer has to remain locked in receivables until the buyer\u2019s original payment date.<\/p>\n\n\n\n<p>The RBI\u2019s June 2026 Directions have further simplified this process by removing the separate due diligence and additional entity-document requirements for MSME sellers.<\/p>\n\n\n\n<p>The onboarding requirement is now focused on essential KYC and business information: PAN, GST, Udyam Registration and bank account details.<\/p>\n\n\n\n<p>For an MSME supplying to a participating CPSE buyer, the practical process is clear:<\/p>\n\n\n\n<p>Complete the GeM order. Obtain buyer acceptance. Select TReDS. Choose a financier bid. Receive early payment.<\/p>\n\n\n\n<p>By completing TReDS registration in advance and keeping essential business information updated, MSMEs can turn approved government receivables into working capital for their next order.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Frequently Asked Questions<\/strong><\/h2>\n\n\n\n<p><strong>1. What is the GeM-TReDS integration?<\/strong><\/p>\n\n\n\n<p>The GeM-TReDS integration allows eligible MSME sellers to use TReDS-based bill discounting for invoices raised against participating CPSE buyers on the Government e-Marketplace.<\/p>\n\n\n\n<p>Once the invoice has completed the required acceptance process, financiers can bid to provide early payment to the MSME.<\/p>\n\n\n\n<p><strong>2. Is the GeM-TReDS integration live?<\/strong><\/p>\n\n\n\n<p>Yes. GeM confirms that TReDS has been integrated into the portal and that the feature is enabled for CPSE buyers and MSME sellers.<\/p>\n\n\n\n<p>Availability for a particular transaction depends on the buyer\u2019s TReDS registration, seller eligibility, invoice status and other transaction conditions.<\/p>\n\n\n\n<p><strong>3. What changed for MSME seller onboarding in June 2026?<\/strong><\/p>\n\n\n\n<p>The RBI\u2019s TReDS Directions, 2026 removed the requirement for TReDS platforms to conduct a separate customer due diligence process for MSME sellers.<\/p>\n\n\n\n<p>Seller onboarding is now based on standard KYC and essential business information.<\/p>\n\n\n\n<p><strong>4. Which documents are required for MSME TReDS registration after June 2026?<\/strong><\/p>\n\n\n\n<p>The standard onboarding information includes:<\/p>\n\n\n\n<ul>\n<li>PAN<\/li>\n\n\n\n<li>GST details<\/li>\n\n\n\n<li>Bank account details<\/li>\n\n\n\n<li>Udyam Registration<\/li>\n<\/ul>\n\n\n\n<p>Additional entity documents such as partnership deeds, incorporation documents, board resolutions and separate authorisation documents are no longer part of the revised MSME seller onboarding requirement.<\/p>\n\n\n\n<p><strong>5. Has all verification been removed for MSME sellers?<\/strong><\/p>\n\n\n\n<p>No. The separate due diligence stage has been removed, but the TReDS platform must still validate the seller\u2019s MSME status and bank account.<\/p>\n\n\n\n<p>The seller\u2019s PAN, GST, Udyam and banking information should therefore be complete and accurate.<\/p>\n\n\n\n<p><strong>6. Is GeM registration sufficient to discount an invoice through TReDS?<\/strong><\/p>\n\n\n\n<p>No. The seller must also be registered on an RBI-authorised TReDS platform that is common to the CPSE buyer.<\/p>\n\n\n\n<p>A seller cannot discount the invoice through an exchange on which the buyer is not active.<\/p>\n\n\n\n<p><strong>7. Do the seller and buyer need to be registered on the same TReDS platform?<\/strong><\/p>\n\n\n\n<p>Yes. The MSME seller and CPSE buyer must share at least one common TReDS exchange for the invoice to be discounted through that platform.<\/p>\n\n\n\n<p><strong>8. Can every GeM invoice be discounted through TReDS?<\/strong><\/p>\n\n\n\n<p>No. Eligibility may depend on:<\/p>\n\n\n\n<ul>\n<li>The seller\u2019s MSME status<\/li>\n\n\n\n<li>The buyer\u2019s TReDS registration<\/li>\n\n\n\n<li>The existence of a common exchange<\/li>\n\n\n\n<li>Buyer acceptance of the delivery or service<\/li>\n\n\n\n<li>Invoice status<\/li>\n\n\n\n<li>Completion of the required GeM process<\/li>\n\n\n\n<li>Availability of financier bids<\/li>\n<\/ul>\n\n\n\n<p><strong>9. When can the MSME select TReDS on GeM?<\/strong><\/p>\n\n\n\n<p>An eligible MSME can select TReDS while generating the invoice, subject to the buyer being registered and active and the relevant transaction conditions being fulfilled.<\/p>\n\n\n\n<p>GeM guidance states that the option may not be visible where the buyer is not registered or is inactive.<\/p>\n\n\n\n<p><strong>10. How does the MSME receive payment?<\/strong><\/p>\n\n\n\n<p>Participating financiers bid against the accepted invoice.<\/p>\n\n\n\n<p>After the MSME selects a bid and the transaction is successfully completed, the financier transfers the discounted amount to the verified bank account of the seller.<\/p>\n\n\n\n<p><strong>11. How quickly can funds be received through M1xchange?<\/strong><\/p>\n\n\n\n<p>Eligible MSMEs can receive funds within 24 hours after successful invoice discounting, subject to onboarding, buyer acceptance, bid availability and completion of the transaction process.<\/p>\n\n\n\n<p><strong>12. Is collateral required for TReDS bill discounting?<\/strong><\/p>\n\n\n\n<p>No collateral is required for invoice discounting through TReDS.<\/p>\n\n\n\n<p>The financing is based on the accepted trade receivable and the buyer\u2019s payment obligation.<\/p>\n\n\n\n<p><strong>13. Is TReDS financing a loan?<\/strong><\/p>\n\n\n\n<p>TReDS is an invoice-discounting mechanism rather than a conventional term loan.<\/p>\n\n\n\n<p>The MSME receives early payment against an accepted invoice, and the buyer pays the financier on the original due date.<\/p>\n\n\n\n<p><strong>14. Does the MSME have to repay the financier?<\/strong><\/p>\n\n\n\n<p>The buyer is responsible for paying the financier on the invoice due date.<\/p>\n\n\n\n<p>TReDS transactions are without recourse to the MSME seller, subject to the underlying transaction being genuine, properly accepted and free from fraud or unresolved commercial disputes.<\/p>\n\n\n\n<p><strong>15. Who determines the discounting rate?<\/strong><\/p>\n\n\n\n<p>The rate is determined through bids placed by participating financiers.<\/p>\n\n\n\n<p>The MSME can review the available bids and choose the offer it considers suitable. The rate is not fixed or guaranteed by GeM or the TReDS platform.<\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"tmnf_excerpt\">For an MSME supplying products or services through the Government e-Marketplace, winning an order i\u2026<\/div>","protected":false},"author":1,"featured_media":2026,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[69],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Two Rules, One Outcome: How GeM-TReDS and the RBI Master Direction 2026 Are Making TReDS Easier for MSMEs - M1xchange<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.m1xchange.com\/thought-xchange\/two-rules-one-outcome-how-gem-treds-and-the-rbi-master-direction-2026-are-making-treds-easier-for-msmes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Two Rules, One Outcome: How GeM-TReDS and the RBI Master Direction 2026 Are Making TReDS Easier for MSMEs - M1xchange\" \/>\n<meta property=\"og:description\" content=\"For an MSME supplying products or services through the Government e-Marketplace, winning an order is only one part of the working capital cycle. The business must first procure materials, fulfil the order, arrange delivery and meet its operating expenses. 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